Romania's Fondul Proprietatea choses ING Bank to deposit its money after Bancpost contract expires

Fondul Proprietatea in Romania will move its funds from Bancpost to ING Bank, following a selection process held in June this year, according to Franklin Templeton Investment, the investment manager and single property manager of Fondul Proprietatea. The banking services contract between Fondul Proprietatea and Bancpost will come to an end in August this year. Bancpost was the first bank where Fondul Proprietatea kepts its financial assests, after the bank won in August 2008 a one-year contract, with possibility of renewal. “We organized a rigorous selection process with some of the most experienced banks operating in Romania”, said Greg Konieczny, fund manager at Fondul Proprietatea. Launched in December 2005, Fondul Proprietatea was created to compensate the Romanian citizens whose properties were confiscated by the former communist regime. Following an international auction announced in December 2008, Franklin Templeton won in July 2009 the EUR 4.06 billion mandate of Fondul Proprietatea. Franklin Templeton officially took over the role of investment manager and administrator of the Fund on September 29, 2010. Irina Popescu, irina.popescu@romania-insider.com